Housing stocks were hanging onto gains midway through Wednesday’s session after record half-year results from Redrow (LON:RDW).
Wales's biggest house builder delivered a bumper set of numbers, easing fears of a slowdown in the UK property market.
Revenues climbed 54% to a half year record of £560mln in the six months to 31 December, driven by a 14% rise in the average house sale price to £300,000.
Meanwhile, continuing low interest rates and stamp duty changes helped pre-tax profits soar to £91.2mln, up 92%.
Redrow chairman Steve Morgan said demand for new homes is strong and the firm has started its second half with a very strong order book.
Bellway (LON:BWY) boss Ted Ayres warned on Tuesday that the rate of price growth has moderated although he said the average sale price of a Bellway home increased by 3% to £219,000 in the six months to 31 January.
Redrow shares climbed 12% to 331p.